New York City’s first “Protected Ocean” initiative will begin this week, with the city pledging to invest $2 billion in marine conservation projects, including $1 billion in protective film manufacturing, according to a news release.

The initiative is designed to encourage companies to use sustainable and responsible marine technologies, while also building a new industry in the field of ocean protection, said Mayor Bill de Blasio.

The city is partnering with several companies, including the Canadian company Armordillo, and other companies to develop a set of “sustainable marine products” that will help “protect the planet’s oceans, the oceans of the world, and the natural world,” the news release states.

“We need to be mindful of the planet and of ourselves as individuals and as a society,” said de Blasio, who will chair the initiative’s design committee.

“We need a set that’s environmentally-friendly and environmentally-responsible and that’s affordable and is sustainable, and this is an example of how we can do that.”

The initiative will use “the best technology at its disposal,” according to the news document.

As part of the initiative, the city has partnered with the New York-based company Armandillo to develop “sustainably-sourced marine products that help protect the planet,” the release states, while the city will work with the company to “accelerate its transition to a sustainable marine industry.”

The plan calls for the creation of a “tentative” industry of ocean conservation products, but it’s not clear how this industry will be financed.

Armordillo declined to comment on the plan.

In May, Armandillos CEO, Steve Ballmer, said the company’s efforts would help “the world’s marine ecosystems and the oceans to recover.”